AMERICAS
binderholz, a manufacturer of timber products, agreed to acquire BSW Timber, an integrated forestry and sawmilling group, from Endless, a private equity firm. Financial terms were not disclosed.
"We are very pleased to be strengthening our position in the value-add timber market by becoming part of the Binderholz family. The opportunity to enhance our supply chain, and additionally widen our product offering is exciting. This represents another major milestone in the growth of BSW and provides our customers with a more robust and broader range of products," Tony Hackney, BSW CEO.
binderholz is advised by Alvarez & Marsal, Flick Gocke Schaumburg and Macfarlanes. Endless is advised by Willis Towers Watson, Deloitte, EMC Corporate Finance, PricewaterhouseCoopers and Walker Morris.
Emerson, an American multinational corporation, agreed to merge AspenTech, an asset optimization software developer, in an $11bn deal.
“We saw an attractive opportunity to accelerate our software strategy to capitalize on the rapidly evolving industrial software landscape and advance Emerson’s high value portfolio journey. Our customers are increasingly seeking partners to help realize stronger performance as they automate workflows in their facilities to optimize operations. New AspenTech will become an engine for both acquisition and organic growth,” Lal Karsanbhai, Emerson President and CEO.
Emerson is advised by Goldman Sachs, Centerview Partners and Davis Polk & Wardwell. AspenTech is advised by JP Morgan, Skadden Arps Slate Meagher & Flom and ICR.
ESS Tech went public via a SPAC merger with ACON S2 Acquisition in a $1.1bn deal. (FS)
ESS Tech, a battery maker, went public via a SPAC merger with ACON S2 Acquisition in a $1.1bn deal. Investors in PIPE include Fidelity Management & Research, SoftBank Group, Breakthrough Energy Ventures, and BASF.
“This is an incredibly proud moment for the entire ESS team and a milestone for the industry at large. We are excited to begin our next chapter as the first publicly traded long-duration energy storage company. Our differentiated battery technology gives us a first mover advantage in a rapidly expanding market, while simultaneously transforming the value proposition of long-duration storage to support renewable energy generation for the electrical grid. The proceeds from this transaction will enable us to scale our operations to meet the growing global demand for a product that the world needs today to support the transition to clean, renewable energy," Eric Dresselhuys, ESS CEO.
ESS Tech was advised by Nomura, Wilson Sonsini Goodrich & Rosati and Trevi Communications. ACON S2 Acquisition was advised by Kirkland & Ellis, Okapi Partners and Sard Verbinnen & Co.
BurgerFi to acquire Anthony’s Coal Fired Pizza & Wings from L Catterton for $161m. (FS)
BurgerFi, a fast casual better burger chain, agreed to acquire Anthony’s Coal Fired Pizza & Wings, a pizza restaurant, from L Catterton, a private equity firm, for $161m.
“This is our first acquisition in building a premium multibrand platform. We are well positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock value from strategic acquisitions. Our focus on premium fast-casual brands allows us to share expertise, capabilities and best practices across the board,” Ophir Sternberg, BurgerFi Executive Chairman.
BurgerFi is advised by BTIG, Holland & Knight, ICR and rbb Communications. Anthony’s is advised by Arlington Capital Advisors. L Catterton is advised by Proskauer Rose LLP.
Supernus Pharmaceuticals, a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system, agreed to acquire Adamas Pharmaceuticals, innovative medicines producer, that reduce the burden of neurological diseases on patients, caregivers and society, for $450m.
"This acquisition represents a significant step to further build a strong and diverse Parkinson’s disease portfolio, and aligns with our focus of acquiring value-enhancing, clinically-differentiated medicines to treat CNS diseases. We have a proven track record of strong commercial execution, and look forward to building on GOCOVRI’s growth momentum so that more patients can benefit from access to Adamas’ innovative neurological therapies," Jack Khattar, Supernus Pharmaceuticals President and CEO.
Adamas is advised by Lazard and Cooley. Supernus is advised by Jefferies & Company, Grant Thornton, Saul Ewing Arnstein & Lehr and Westwicke.
Pacira BioSciences to acquire Flexion Therapeutics for $630m.
Pacira BioSciences, a pharmaceutical company, agreed to acquire Flexion Therapeutics, a biopharmaceutical company, for $630m including debt.
“This combination with Pacira offers Flexion stakeholders excellent prospects for value creation, particularly as the contingent value rights provide the opportunity to continue to benefit from the ongoing success of Flexion’s products and programs. I’d like to thank all of our employees - past and present - for their extraordinary commitment and superb contributions that have translated into ZILRETTA, a medicine that matters, getting to increasing numbers of patients in need and to a pipeline of potentially transformative medicines,” Michael Clayman, Flexion Co-Founder and CEO.
Flexion is advised by Goldman Sachs, Lazard and Cooley. Pacira BioSciences is advised by JP Morgan and Perkins Coie.
Southwest Gas, an energy holding company, adopted a poison pill plan in a bid to stop Carl Icahn, a billionaire activist investor, from taking a larger stake in the US power utility, Bloomberg reported.
Southwest is pursuing its acquisition of Questar Pipelines, a FERC-regulated, long-term contracted, transportation and underground storage assets, from Dominion Energy, a firm that engages in the provision of electricity and natural gas, for $1.98bn. Icahn disclosed a 4.9% stake in Southwest. He would move to block the transaction by running his own slate of directors, said Carl Icahn due to the hight cost of the deal.
New Residential Investment, a publicly traded mortgage real estate investment trust, agreed to acquire Genesis Capital, a loan provider for the professional developers of residential, multifamily and mixed-use real estate, from Goldman Sachs. Financial terms are not disclosed.
"The acquisition of Genesis adds a new complementary business line to our Company and advances our ability to create and retain additional strong housing assets for our balance sheet. We are excited to work with the seasoned Genesis team and add business purpose lending to our suite of products, furthering our connectivity with a new subset of borrowers. We see the acquisition of Genesis as a great opportunity that supports our growing single-family rental strategy and one that allows us to capture additional unmet demand from our Retail and Wholesale origination channels," Michael Nierenberg, New Residential Chairman, Chief Executive Officer and President.
New Residential Investment is advised by Skadden Arps Slate Meagher & Flom. Genesis Capital is advised by Goldman Sachs and Davis Polk & Wardwell.
Cleveland-Cliffs, an independent iron ore mining company, agreed to acquire Ferrous Processing and Trading, a scrap metal processing company, for $775m.
"FPT has a very meaningful presence in prime scrap. With all the new flat-rolled EAF capacity coming online in our market over the next four years, prime scrap will only become more and more scarce. As the largest supplier of flat rolled steel in North America, Cleveland-Cliffs is the main source of the steel that generates prime scrap in manufacturing facilities. Furthermore, throughout our entire footprint, Cleveland-Cliffs also consumes a very significant amount of scrap in our EAFs and BOFs. The acquisition of FPT will enhance our ability to buy back prime scrap directly from our clients, cutting the middlemen and improving the margin contribution from scrap for both Cleveland-Cliffs and for the manufacturing and service center clients that will be able to sell scrap directly back to us," Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO.
Cleveland-Cliffs is advised by Jones Day.
Henry Kravis and George Roberts resign from KKR's co-CEO. (FS, People)
Henry Kravis and George Roberts, whose swashbuckling leveraged buyouts of the 1980s made them the face of the private equity industry, are stepping down as co-chief executives of KKR, the eponymous firm they founded in 1976, Financial Times reported.
The firm’s longtime co-presidents, Scott Nuttall and Joe Bae, will together take the helm. Kravis and Roberts will remain executive chairs of the board of directors, maintain relationships with investors, and offer counsel on the firm’s strategy.
EMEA
Bridges Fund Management, a private equity firm, completed an investment in Talking Talent, a professional training and coaching services provider. Financial terms were not disclosed.
“We are delighted to partner with Bridges for the next phase of Talking Talent’s growth. Their philosophy – that business can play a vital role in solving some of our most pressing social and environmental challenges – is one that Jo and I strongly share. We are very proud of the growth Talking Talent has achieved over the past decade, and we believe that this partnership with Bridges sets us up for a very exciting future," Chris Parke, Talking Talent Co-Founder and CEO.
Talking Talent was advised by Grant Thornton, Shoosmiths, Berkeley Communications and Instinctif Partners. Bridges was advised by KPMG and Addleshaw Goddard.
Ardian, a private equity investment company, agreed to acquire Adamo, a Spanish telecom provider, from EQT Partners, a global investment organization, €1bn ($1.16bn).
"We are proud to incorporate a partner like Ardian that brings a great experience in the sector, a deep knowledge of the market and a great sensitivity towards our contribution to society. Their support comes at a key moment to be able to continue driving Adamo's growth both organically and inorganically," Martin Czermin, Adamo CEO.
Ardian is advised by Headland Consultancy. EQT Partners is advised by ING Bank, UBS and Allen & Overy.
Reliance, an Indian multinational conglomerate company, completed the acquisition of REC Solar, an international pioneering solar energy company, from China National Bluestar, a specialty chemicals and materials company, for $771m.
"I am immensely pleased with our acquisition of REC because it will help Reliance tap the unlimited and year-long power of Soorya Dev, the Sun God, that India is fortunate to be blessed with. It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s goal of enabling 100 GW clean and green energy before the end of this decade. This will constitute the largest contribution by a single company to Honourable Prime Minister Shri Narendra Modi’s target for India to produce 450 GW renewable energy by 2030. It will enable India to become a world leader in green energy transition to overcome the climate crisis," Mukesh Ambani, Reliance Chairman.
Reliance is advised by Goldman Sachs and Davis Polk & Wardwell.
LEG Immobilien, a real estate company, agreed to acquire a majority stake in residential and commercial assets of Adler Group, a real estate investment company, for $1.72bn.
The closing of the transaction is subject to due diligence conducted by LEG, the conclusion of final agreements and the fulfillment of customary market conditions, in particular regulatory approvals, and is expected to take place by the end of 2021.
Sistema-backed Segezha Group, a provider of wood products, agreed to acquire Inter Forest Rus, a wood, paper and packaging producer, from Bonum Capital, a private equity firm, for $515m.
“Our long-term interests in the sector are now focused on Segezha, which with its outstanding management team and a proven and profitable business model is well positioned to take Russia’s forestry industry to a new global level. As a result of this transaction, we will significantly increase our stake in Segezha Group and become its second-largest shareholder. We believe that Segezha has the potential to become one of the biggest success stories in Russia’s capital markets," Murat Aliev, Bonum Capital Founder and Owner.
KKR, AXA, Allianz bid for Red Electrica fibre-optic business. (FS)
KKR, AXA and Allianz will participate in an auction for a 49% stake in the fibre-optic subsidiary of Spanish grid operator Red Electrica, Reuters reported.
The subsidiary, known as Reintel, could fetch between €1.2bn and €1.3bn ($1.4bn-$1.5bn).
Carrefour and Auchan end talks over $19.4bn partnership.
Carrefour and Auchan have ended talks over a possible partnership, the second time this year Carrefour boss Alexandre Bompard’s plans to create a Gallic supermarket powerhouse have been frustrated.
Auchan had offered Carrefour €21.50 ($24.9) per share, or €16.8bn ($19.4bn), comprised of 70% in cash and 30% in shares of the combined company, Reuters reported.
Pantheon Infrastructure seeks over a $400m IPO.
Pantheon Infrastructure would seek to raise £300m ($409.71m) through a IPO on London’s main market, Reuters reported.
The company, which invests in equity and equity-related private infrastructure assets, would offer ordinary shares at £1 ($1.36) a share through a subscription and intermediaries offer.
EDF-backed Pod Point is planning an IPO.
EDF-backed Pod Point, which provides charging points for electric vehicles in Britain, plans to list on the London Stock Exchange, for a premium listing with a free float of at least 25%, Reuters reported.
The company would compromise the sale of new shares and some by existing shareholders including Legal & General Capital Investments. EDF will maintain a stake of more than 50% following the listing.
ACWA Power jumps 30% on market debut.
Shares in Saudi Arabian renewable energy utility ACWA Power International jumped 30% on their market debut after a $1.2bn IPO, the kingdom's biggest since Saudi Aramco's massive public offering in 2019, Reuters reported.
ACWA builds, operates and invests in renewable energy plants and becomes the only renewables company listed in Saudi Arabia. It priced its IPO at the top of the range last month, successfully raising $1.2bn from investors, the biggest since, but dwarfed by, Saudi Aramco's $29.4bn IPO.
APAC
Reliance, an Indian multinational conglomerate company, agreed to acquire a 40% stake in Sterling & Wilson, a global pure-play, end-to-end solar engineering, procurement and construction solutions provider, from Shapoorji Pallonji, an Indian conglomerate company, for $378.5m.
"We welcome SWSL as a strategic partner towards building our New Energy platform. SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will become an important part of our solar value chain. This will enable us to deliver our comprehensive, end-to-end ecosystem leading to cost-efficient green energy for Indian consumers," Mukesh Ambani, Reliance Chairman.
Reliance is advised by AZB & Partner, K law, Ernst & Young and Edelweiss Capital. Shapoorji Pallonji is advised by Perfect Relations.
Shinsei Bank plans to officially reject SBI Holdings’ $1.1bn tender offer bid due to concerns that the rights of its shareholders could be infringed if SBI takes effective control, Reuters reported.
Shinsei’s board will meet as early as on October 18, 2021, to decide on the rejection.
The company will seek shareholder approval to issue stock warrants to existing shareholders.
Shinsei Bank is advised by Morgan Stanley. SBI Holdings is advised by Citigroup.
KKR completed the acquisition of an additional 7.3% stake in First Gen, an independent power producer in the Philippines, for $171m.
“After having been invested in First Gen for this past year, our admiration for First Gen’s business and strategy – including its work to support the energy transition in the Philippines – as well as its Board and management team has only increased. Today, we are pleased to have this opportunity to extend our shareholding in First Gen and support its work to provide critical energy solutions to millions of Filipinos across the country. This investment marks the latest milestone for KKR in the Philippines, and deepens our commitment to the market," Michael de Guzman, KKR Managing Director.
KKR was advised by JP Morgan and The EON Group.
ENEOS, a Japanese petroleum and metals conglomerate, agreed to acquire Japan Renewable Energy, a renewable energy power generation company, from private equity firms Goldman Sachs Asset Management and GIC, for $1.8bn.
“We are proud to have led the creation of JRE and built the company into one of the leading renewable energy producers in Japan. We thank JRE’s management team and employees for their amazing performance and achievements and wish them continued success," Philippe Camu, Goldman Sachs Global Co-Head of the Infrastructure.
I Squared Capital, a private equity firm, agreed to acquire a majority stake in SOILCO, an organics recycling company. Financial terms were not disclosed.
“We are excited to work with I Squared Capital who will complement our efforts with their extensive experience and expertise in the waste management and resource recycling sectors in Asia Pacific. With the backing of I Squared Capital, SOILCO intends to grow its organics recycling business nationally. We feel this is a perfect way to cap off their personal business journey and the entire SOILCO team are enormously grateful to be able to continue to deliver their vision to improve Australian soils and regenerate our environment for dynamic growth," Charlie Emery, SOILCO Managing Director.
Syngenta's IPO suspended as missing financial information.
Syngenta Group’s planned $10bn initial public offering in China has been suspended because the agrochemicals giant has not updated its application with its latest financial results, Reuters reported.
The Chinese-owned company’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
Renaissance Insurance seeks $1bn IPO valuation.
Renaissance Insurance Group, Russia’s largest online policy provider, set a price range for its initial public offering in Moscow that values the company at as much as RUB73.3bn ($1bn), Bloomberg reported.
That’s the top end of the RUB120 ($1.67) to RUB135 ($1.89) per share range proposed to investors, the Russian insurance group, controlled by investors led by Boris Jordan. The sale may total up to RUB25.2bn ($0.35bn), including an offering of up to RUB7.2bn ($0.1bn) of shares by selling shareholders.
Xiaohongshu changed IPO listing plan from US to Hong Kong.
Chinese startup Xiaohongshu, or “Little Red Book,” is weighing a Hong Kong initial public offering to raise at least $500m, after putting its US listing plans on hold, Bloomberg reported.
The company, which calls itself a lifestyle content platform, is working with advisers and could file an application for a Hong Kong IPO as soon as this year. A listing could even raise as much as $1bn depending on the market.
KPMG believe India IPO could raise $10bn in next half year.
KPMG expects digital companies in India to raise about $10bn through initial public offerings in the next six months, as investors continue to pump money into the country’s technology sector.
“India is unveiling an absolutely new area of growth with these digital companies for hungry global asset managers. A lot of money printed during the Donald Trump administration is invariably finding its way to the stock markets globally and India is one of the beneficiaries,” Srinivas Balasubramanian, KPMG India Senior partner and head of corporate finance.
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